Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

EU opens investigation into German state aid for Lufthansa

Published 07/08/2024, 08:26 AM
Updated 07/08/2024, 08:30 AM
© Reuters. FILE PHOTO: Lufthansa planes stand parked as Frankfurt airport is closed to passengers with planned departures due to a strike organised by Verdi union, in Frankfurt, Germany, March 7, 2024. REUTERS/ Kai Pfaffenbach//File Photo
LHAG
-

(Reuters) - The European Commission has opened an investigation into the state aid granted by Germany to airline Lufthansa during the COVID-19 pandemic in 2020, it said on Monday.

The 6 billion euro ($6.5 billion) recapitalisation had been approved under the COVID Temporary Framework but was last year annulled by the EU's second-highest court. An appeal by Lufthansa against that decision is still pending.

The Commission's probe is in response to that court's ruling, which declared there had been errors in the process.

The aim now is to clarify whether the financial injections were in line with the European rules on state aid.

Lufthansa has already repaid the aid in full, which could limit any immediate impact from the court ruling, although it could have consequences for future state bailouts.

© Reuters. FILE PHOTO: Lufthansa planes stand parked as Frankfurt airport is closed to passengers with planned departures due to a strike organised by Verdi union, in Frankfurt, Germany, March 7, 2024. REUTERS/ Kai Pfaffenbach//File Photo

A Lufthansa spokesperson reiterated that the company had already repaid the measures in full and said Lufthansa had anticipated in its 2023 annual report that the Commission would open a formal investigation, as it has done in similar cases.

($1 = 0.9228 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.